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Adios & thanks for ALL!
Old 01-20-2009, 04:19 PM   #1
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Adios & thanks for ALL!

Most here know my story but here's a quick synopsis for those who may have missed it....

November 2006 - inherited 10,000 shares BAC (approx value $550,000)

Feb-May 2007 - bought 5000 more shares for the steady dividend (25+ years with consistently raising it too!) - $250,000 in saved monies...

Total of 15,000 shares paying $36K/year++......

Today - my 15,000 shares of BAC will pay me $600/year and are worth approx. $75,000....

Shoulda, woulda, coulda......

Needless to say I am no longer FI.....and while I did enjoy the 2 years of being RE'd.....I will be heading back into the work force as soon as I decide just WHAT it is that I can and want to do.....

OH yeah....forgot to add that I sold my 25 year old accounting practice here in my home town where I have lived my entire life....and will not be able to re-open a similar earning environment....mostly due to moral ethics

So I'd say I'm pretty much fu**ed....that's french for most of you guys .....and in its adjective form it means that my sense of well being and opportunity for similar employment have been severely narrowed....

Life WILL go on....just not as I had planned....I will get back to focusing on what is REALLY important in life ~ family, friends, health......

And while I KNOW that there is a group of you who will say it is MY fault for a lack of diversification, I made my choices based on what I thought I knew and had learned.....and 50+ years of family history with this stock (although it started out as something other than BAC)!

I am STILL absolutely AMAZED at how quickly things changed.....BAC was at $38/share as recently as Oct 2008.....today $5/share.....America's biggest bank....I'm sitting here shaking my head even as I type this.....disbelief

Ok....so that's it.....I'm no longer FIRED and don't expect to ever be again.....and the way I see it, that really should preclude me from this board....I may stop by from time to time to read a joke or two but this will be my last post here....after all, what does someone like me really have to offer the savvy investors that hang out here....sad....but true!

So....thanks again & I trust that each of you has much better luck than I.....

Oh yeah....IF by chance....any of you EVER happens to run into Ken Lewis.....please in my very best Cartman voice "KICK HIM SQWARE IN THE NUUTS" and let him know that it is from his very best buddy in Virginia ~

VaCollector
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Old 01-20-2009, 04:28 PM   #2
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Vacollector

I'm so sorry to hear that!

I hope everything works out for you from here on in.

Eric Cartman cracks me up!

Jim
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Old 01-20-2009, 04:30 PM   #3
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So sorry to hear about your losses . Best of Luck on whatever you chose to do . None of us will escape without terrible losses whether they are financial , personal or health wise . Anyone who thinks otherwise is naive .
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Old 01-20-2009, 04:31 PM   #4
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I am sad to read this. Best wishes to you.
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Old 01-20-2009, 04:33 PM   #5
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VaCollector --
So sorry to read of your situation, but I hope you will continue to post here. Your story is a cautionary tale for everyone on this forum...and we need to read all sides of the FIRE story. This is how we learn.

I hope things work out for you and your family.
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Old 01-20-2009, 04:42 PM   #6
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Best of luck to you, I know the pain is immense right now but you are truly a very classy individual and I was/am very impressed by your approach. Best of luck to you, there are many IOU's in that bank right now. I am certain from what I have learned of you from your posts that you will focus on what is truly important and I hope that provides many enjoyable moments for you.

If at any time I do happen to run into Ken Lewis, unlikely but not altogether impossible in my present position, I will as I utter "VA Collector" knee him soundly in the groin.
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Old 01-20-2009, 04:42 PM   #7
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wow ... sorry to hear.

We had a thread back when Countrywide was being bought by BAC for $4B. Thought paying for the toxic waste was not such a bright an idea. Yeah, more hindsight (20/20) ....

Good Luck!
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Old 01-20-2009, 04:44 PM   #8
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I'm sorry as well. Do hang around though. Most of us or poor investors when it comes right down to it. And we are still here. Best of luck though!
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Old 01-20-2009, 05:05 PM   #9
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I am so sorry to read about what happened. Don't feel that you have to leave, unless you'd rather! As you probably know, lots of our members (as well as moderators/admins) have not yet retired, and many of us have faced or are facing some big obstacles.

What we all have in common is a goal. Some have reached it already, but the rest of us are not there, yet. It may take longer than you would wish, but don't give up hope.
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Old 01-20-2009, 05:08 PM   #10
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That sucks man. I'm glad to see you've still got a sense of humor about it though. Hang in there and keep enjoying the important things in life!
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Old 01-20-2009, 05:10 PM   #11
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Quote:
Originally Posted by VaCollector View Post
Ok....so that's it.....I'm no longer FIRED and don't expect to ever be again.....and the way I see it, that really should preclude me from this board....I may stop by from time to time to read a joke or two but this will be my last post here....after all, what does someone like me really have to offer the savvy investors that hang out here....sad....but true!
I'm sorry to about the loss. I've lost large sums and left a lot of money on the table.

With your CPA degree you should do well in the job market. Maybe the board can be a sounding board for your transition back to work.

I think this board is more than talk about investing. Take a break and come back when you want.
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Old 01-20-2009, 05:17 PM   #12
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VA,
Wish I had known. I could have warned you. I have a friend. Never met a company he could not close. Went to work for four or five I know of, and all closed their doors. Seems like most if not all his stocks go down. When the market tanks I call him and as if he was shopping. Anyway, back in November, I think, he looked at BAC and commented on it's dividend and how could you loose. He bought it, they cut the dividend and the rest is history. He had GE, did not by Apple, lots of stocks in the dot com. So if he buys I sell!

Anyway, I think he will sell BAC one of these days and you will be back in the money!
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Old 01-20-2009, 05:26 PM   #13
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Work! Work! Well I suppose if you absolutely positively feel you must.

However - give some thought to creative really really cheap bastardhood - become a legend in your own family tree. Not just mere frugal or LYBM.

ok ok - try and cheer up and do what you must. But wild and funky can be fun. Rent some old Ma and Pa Kettle movies with Marjorie Main.

heh heh heh -
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Old 01-20-2009, 06:04 PM   #14
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VA, many on here aren't retired yet, I am one of them, so don't feel like you have to leave. There is much good advice on this forum. I felt I was getting close to retirement a year ago, but now I feel I am several, possibly many years away. I am just plugging along. I hope you get back up, dust yourself off and continue plugging along. Retirement may come later but at least you had a taste of it.
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Old 01-20-2009, 06:57 PM   #15
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Not to make light of your terrible experience, but I suspect going back to work could be a commoner hazard of retiring early than we would like. It's just that not everybody owns up to it when it happens, as you have.

It sounds like you were successful in your work life, and I'm sure you will do well the second time around. It would be nice to hear how you're doing.

Amethyst.
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Old 01-20-2009, 07:07 PM   #16
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Quote:
Originally Posted by VaCollector View Post
Shoulda, woulda, coulda......

And while I KNOW that there is a group of you who will say it is MY fault for a lack of diversification, I made my choices based on what I thought I knew and had learned.....and 50+ years of family history with this stock (although it started out as something other than BAC)!

I am STILL absolutely AMAZED at how quickly things changed.

VaCollector
I doubt many people here will 'say it is [YOUR] own fault.' Most of us have been beaten up financially too, I know I have. We also know there are no guarantees in investing and these bumps in the road are to be expected, and we don't wish ill will to others. You've suffered a setback, but like many here, I truly hope you are pleasantly surprised by what unfolds for you (and the rest of us) in the years ahead. You've been successful before, you will do it again...
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Old 01-20-2009, 08:03 PM   #17
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I do hope this exchange turns out as well as this thread:

Dex saying Thanks & Goodbye

Any lose of knowledge (experience) diminishes all.
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Old 01-20-2009, 08:06 PM   #18
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I do hope this exchange turns out as well as this thread:

Dex saying Thanks & Goodbye

Any lose of knowledge (experience) diminishes all.
Especially since this guy evidently has a strong ego. I don't doubt many others have flunked out, but we either heard nothing nothing from them or we heard BS from them.

Ha
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Good luck VaCollector!
Old 01-20-2009, 08:09 PM   #19
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Good luck VaCollector!

Today I looked up the definition of "capitulation" and that is not a good sign. Each day we look at the market hoping for something positive and then we get another result like we had today (down another 300 pts.).
I can't sit around feeling sorry for myself when I hear of others who are truly hurting by the market more than I am.
Best wishes to you and let's hope your shares return to their former glory.
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Old 01-20-2009, 08:10 PM   #20
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HaHa, thanks for pointing me to the thread -

I'm a failure at ER, too, still dreaming, and I practically live here! I don't think we check credentials, so stick around!
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